Sources. Sources

Jason St George. "Sources. Sources" in Next Generation Stores of Value: Privacy, Proofs, Compute. Version v2.0. /v/2.0/read/back-matter/sources/

Sources

Theory & Framing

Davidson, J. D., & Rees-Mogg, W. (1997). The Sovereign Individual: How to Survive and Thrive During the Collapse of the Welfare State. New York: Simon & Schuster / Touchstone.

Booth, J. (2020). The Price of Tomorrow: Why Deflation is the Key to an Abundant Future. Stanley Press.

McLuhan, M. (1964). Understanding Media: The Extensions of Man. New York: McGraw-Hill.

Kaldor, N. (1939). Speculation and Economic Stability. The Review of Economic Studies, 7(1), 1–27. Cited in §10: Work Credits: Energy-Anchored Claims for one general mechanism only: that a service flow accruing to the holder of a physical good, rather than to the holder of a claim on it, can carry a price a cash-flow model does not reproduce. It is not cited for gold, which is a near-zero-convenience-yield commodity whose price residual is conventionally attributed to monetary and portfolio demand rather than to storage convenience; and it is not a claim that a triad asset is a storage commodity. No magnitude in this thesis derives from it.

Working, H. (1949). The Theory of Price of Storage. The American Economic Review, 39(6), 1254–1262. Companion to Kaldor, cited for the same mechanism and subject to the same limits: the storage-theory account of convenience yield in consumption commodities, where the service flow is an option against stockout. The analogy in §10: Work Credits: Energy-Anchored Claims is to the mechanism, not to the setting.

Market Structure, Flows & Inelastic Markets

Green, M. W. (2026, July 26). A Semi-Theory of Almost Everything: Who Was Actually Setting Semiconductor Prices This Spring? Tier1 Alpha. The flow-elasticity, holder-recycling, and leveraged-rebalancing machinery in Appendix H: Formal Model of Market Realization, Wrapper Flows, and Price Capture is adapted from this work; the generalization to monetary telemetry is ours, as are any errors in it.

Green, M. W. Anchors Aweigh, My Boys. The automatic-versus-marginal buyer distinction, the observation that market-value-weighted bond indexes absorb less DV01 per dollar after a selloff, and the claim that the quality of long-duration demand has deteriorated are drawn from this work and used in §2: The World Forces New Monetary Primitives, §23: Extended Telemetry, and §23: Extended Telemetry. Commentary rather than peer-reviewed research; used for mechanism, not for quantities. Tactical claims and the attribution of any particular yield move uniquely to duration withdrawal are listed and excluded in Appendix I: Scenario Analysis: The Collateral Loop Under Stress.

Green, M. W. What the Treasury Needs. Used selectively for the distinction among market repair, fiscal management, financial repression, and administrative enclosure, and for the proposition that policy can change duration-bearing capacity without erasing economic loss. Commentary rather than peer-reviewed research; used for mechanism, not for the proposal’s illustrative quantities or for a claim that any facility is necessary.

Green, M. W. Sometimes, You Get What You Need. Used as a scenario-framing example for the market-repair branch in §26: Adoption Curve & Ecosystem Dynamics. Its tactical sequence for rates, currencies, gold, mortgages, and equities is quarantined rather than adopted as forecast.

Gabaix, X., & Koijen, R. S. J. (2021). In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis. NBER Working Paper No. 28967. Cited for the inelastic-markets premise that flows move prices at all, not for the market-impact function used in Appendix H: Formal Model of Market Realization, Wrapper Flows, and Price Capture; that square-root form comes from the market-microstructure execution-impact literature.

Cheng, M., & Madhavan, A. (2009). The Dynamics of Leveraged and Inverse Exchange-Traded Funds. Journal of Investment Management, 7(4).

Energy, Industrial Capacity & Sovereign Optionality

Doomberg. Fire Horse: analysis of Chinese energy strategy, coal, refining, conversion capacity, and stockpiling. Used in §29: The Closed Sovereign Stack to characterize a strategy of conversion optionality and “resilience over efficiency.” This is an analyst presentation, not peer-reviewed work; figures cited are its accounting rather than independent measurement, and no claim in this thesis is load-bearing on them.

Doomberg. Endangered Specious. Used selectively for the mechanism that gross feedstock is not deliverable output when conversion capacity is the binding cut. Commentary rather than peer-reviewed research; used to motivate the Topological Scarcity Lemma and DVC, not for article-specific quantities or a conclusion that aggregate abundance guarantees local resilience.

Doomberg. A Minor Detail. Used selectively as a stress scenario illustrating common-cause dependence across fuel, logistics, cooling water, and generation. The geopolitical sequence is not treated as a base case or tactical forecast, and no unsourced quantity enters the model.

Doomberg. Over Target. Used selectively for the principal–agent mechanism in the Sponsor Dependency Board: a subsidized operator and its sponsor may have different terminal objectives. Claims about the intent behind any particular attack or escalation path are not adopted.

Gromen, L. The Forest for the Trees, and market commentary of August 2026. Three framings are drawn from this work: sovereign debt as a claim on future real surplus, with monetary credibility jointly determined by productive capacity and the state’s ability to mobilize it (§29: The Closed Sovereign Stack); the reflexive dependence of fiscal capacity on collateral values (§2: The World Forces New Monetary Primitives); and the reshoring trilemma (§29: The Closed Sovereign Stack). Commentary rather than peer-reviewed research; used for framing, not for quantities. Quantitative claims from the same source that could not be verified are listed and excluded in Appendix I: Scenario Analysis: The Collateral Loop Under Stress.

Note on the synthesis. The layered reading in §29: The Closed Sovereign Stack—physical throughput beneath sovereign balance sheet beneath market realization beneath verification—is our construction, assembled from the above together with the market-structure sources in the preceding section. Sovereign Optionality adapts pathway diversity to facility and network scale; Delivered Verified Capacity restores the conversion-throughput term as scenario-specific service max flow. The Topological Scarcity Lemma, Pressure–Capacity Corridor, and their application to AfterFiat are our synthesis. Errors in that adaptation are ours.

Bessent, S. (2026, June 23). American Economic Statecraft in the 21st Century. Remarks at the Economic Club of New York’s America 250 Gala Dinner. U.S. Department of the Treasury, press release sb0539. A primary source, cited in §29: The Closed Sovereign Stack for stated doctrine only. Quotations are verbatim. A policy speech is evidence of intent and framing, not of outcomes, and this document draws no inference from it about what will actually be built.

Kimi Team. (2026). Kimi K3: Open Frontier Intelligence. arXiv:2607.24653. Cited in §29: The Closed Sovereign Stack for a single narrow proposition: that openly released weights have approached the proprietary frontier closely enough to matter economically. The paper reports the model trailing the strongest proprietary systems overall, and that qualification travels with the citation. No claim about inference pricing is drawn from it.

Macro: Debt, Financial Repression, Real Yields

Gaspar, V., Gonçalves, C. E., & Poplawski-Ribeiro, M. (2025, September 17). Global Debt Remains Above 235% of World GDP. IMF Blog / Global Debt Monitor. International Monetary Fund.

International Monetary Fund. (2025). Global Debt Monitor 2025. IMF Global Debt Database.

International Monetary Fund. (2026, April). Fiscal Monitor, April 2026. IMF. [Reports global public debt at just under 94% of GDP in 2025, projected to reach 100% by 2029.]

Reinhart, C. M., & Sbrancia, M. B. (2015). The Liquidation of Government Debt. IMF Working Paper 15/7. International Monetary Fund.

Board of Governors of the Federal Reserve System. (2025, October 15). The Cross-Border Trail of the Treasury Basis Trade. FEDS Notes. Cited in §2: The World Forces New Monetary Primitives for the scale and financing of Cayman-domiciled hedge-fund Treasury positions and for the resulting mismeasurement in the TIC data and the Financial Accounts. Staff research, not a Board policy position. The note itself cautions that the reported gap is not attributable solely to the cash–futures basis trade, and that caution is reproduced in the main text.

Rose, J. (2021). Yield Curve Control in the United States, 1942 to 1951. Economic Perspectives, Federal Reserve Bank of Chicago, 45(2).

Social / Disinformation / Deepfakes / Provenance

“Twitter Files.” (2022–2023). Series of internal document releases published by independent journalists via the Twitter/X platform. [Primary documents; this thesis cites the releases as evidence of government–platform coordination, not as dispositive proof of any particular claim.]

U.S. House Committee on the Judiciary (Republican Staff). (2023). The Weaponization of CISA: How a “Cybersecurity” Agency Colluded with Big Tech and “Disinformation” Partners to Censor Americans. Staff Report.

U.S. Department of State. (2021–2025). Global Engagement Center (GEC): About Us. U.S. Department of State.

Harwell, D., & Patton, D. (2025, October 22). We uploaded a fake video to 8 social apps. Only one told users it wasn’t real. The Washington Post.

UNESCO. (2025). Deepfakes and the Crisis of Knowing. UNESCO briefing.

Ahmed, S., et al. (2024). Social Media News Use Amplifies the Illusory Truth Effects of Deepfakes. Journalism & Mass Communication Quarterly.

Policy Clock: EU AI Act

European Union. (2024). Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence (Artificial Intelligence Act). Official Journal of the European Union.

Verification Asymmetry & PoUW (MatMul)

Komargodski, I., Lin, S., & Weinstein, O. (2025). Proofs of Useful Work from Arbitrary Matrix Multiplication. arXiv:2504.09971. Submitted April 2025; last revised November 2025. [Note: the optimal-security claim is described as a conjecture in the abstract, not a proven guarantee. The paper supports “promising research direction,” not “settled deployment.”]

ZKML / Verifiable ML

Peng, Z., Wang, T., Zhao, C., et al. (2025). A Survey of Zero-Knowledge Proof Based Verifiable Machine Learning. arXiv:2502.18535.

FHE / FHE Rollups / OpenFHE / Fhenix

Zyskind, G., Erez, Y., Langer, T., Grossman, I., & Bondarevsky, L. (2024). FHE-Rollups: Scaling Confidential Smart Contracts on Ethereum and Beyond. Proceedings of BSCI ’24. ACM.

OpenFHE Project. (2025). OpenFHE v1.4.0 – Development Release Announcement. GitHub.

Fhenix. (2023). Introducing FHE-Rollups: Scaling Confidential Smart Contracts on Ethereum and Beyond. Fhenix blog.

Bitcoin Transport Privacy (BIP-324, Core 27.0)

Bitcoin Core Developers. (2024, April 16). Bitcoin Core Version 27.0 Released. BitcoinCore.org.

Mehta, D., Ruffing, T., Schnelli, J., & Wuille, P. (2023). BIP-324: Version 2 P2P Encrypted Transport Protocol. Bitcoin Improvement Proposals.

Lightning Receiver Privacy (BOLT12 Offers)

No Bullshit Bitcoin. (2024, July 4). Phoenix Wallet v2.3.1 & Phoenixd v0.2.0: BOLT12 Offers. NoBSBitcoin.com.

No Bullshit Bitcoin. (2024, September 24). BOLT12: Offers Officially Merged into Lightning Specification.

Ecash / Federations (Fedimint / Fedi)

Bitcoin Magazine. (2025, October 29). From Stealth to Scale: Fedi Unveils Multi-Sig Guardians for Federated Bitcoin Ecash Mints.

Fedimint Project. (2024–2025). What Does the Federation Do? Fedimint documentation.

Privacy Rails: Zcash, BTC$\leftrightarrow$XMR Swaps

Electric Coin Co. / Zcash Foundation. (2024). Zcash Protocol Specification – NU6 Activation and Second Halving. Zcash Protocol Specification, Rev. 2025.6.0-105.

Reitwießner, C. et al. (COMIT Network). (2020). Monero–Bitcoin Atomic Swaps. COMIT blog and GitHub.

UnstoppableSwap / eigenwallet. (2025). UnstoppableSwap GUI / eigenwallet: Non-custodial XMR$\leftrightarrow$BTC Atomic Swaps. GitHub.

Zcash Roadmap / NU7 Discussions

Zcash Community Forum. (2024–2025). Accelerate NU7: Let’s Deliver a Smaller Network Upgrade Sooner. Governance thread.

Ethereum Privacy L2 (Aztec)

Steinrueck, D., & Sammara, A. (2025, May 2). Testnet Retro – Launch Day: Aztec Public Testnet Went Live. Aztec Network blog.

Coindesk. (2025, May 1). “Everything Is Encrypted”: Aztec’s Privacy Rollup Hits Testnet Amid Growing Demand.

IBC-Wide Shielding (Namada)

Namada Team. (2025, June 20). Namada Mainnet Launch Is Complete! Namada blog.

Namada Team. (2023, January 31). Understanding the MASP and CC Circuits. Namada blog.

Proof Markets / PoUW / Privacy-First L1s

Aleo. (2025). Consensus and Proof of Succinct Work (PoSW). Aleo developer documentation.

RISC Zero / Boundless. (2025). Boundless: A Universal ZK Compute Layer. Binance Research.

Succinct Labs. (2025, August 5). Succinct Prover Network Mainnet Launch (PROVE).

Nockchain Foundation. (2025). Nockchain Is Now Open Source; Nockchain Issuance Schedule and Dumbnet Launch. Nockchain.org.

Psy Protocol (formerly QED). (2025). Psy: A Scalable, Privacy-First L1 Secured by Proof-of-Useful-Work 2.0.

Bittensor. (2025). Yuma Consensus. Bittensor Docs.

Ambient. (2024). Ambient Litepaper v1: Proof of Logits and Consensus.

Transport, Privacy, SDKs & Related Infrastructure

No Bullshit Bitcoin. (2024, July 11). The New Phoenix: A 3rd Generation Lightning Wallet.

Fedimint. (2025). Fedimint Lightning Gateway Uses LDK Node to Simplify Deployment and Liquidity Management. Lightning Dev Kit blog.

Ethereum Privacy Roadmaps (PSE / Privacy Cluster)

Privacy Stewards of Ethereum (PSE). (2025, September 12). PSE Roadmap: 2025 and Beyond. PSE.dev blog.

Ethereum Foundation. (2025, October 8). The Ethereum Foundation’s Commitment to Privacy. Ethereum.org blog.

CoinMarketCap Academy. (2025, October 9). Ethereum Foundation Launches Privacy Cluster for Enhanced Blockchain Security.

Vitalik on Openness & Verifiable Hardware

Buterin, V. (2025, September 24). The Importance of Full-Stack Openness and Verifiability. Personal blog (vitalik.eth.limo).

C2PA / Provenance (Supporting)

Creative Commons / Coalition for Content Provenance and Authenticity (C2PA). Content Credentials Standard Documentation.

Software Update Security & Transparency (Layer 2 Prior Art)

The Update Framework (TUF). (2011–). The Update Framework: A Framework for Securing Software Update Systems. specification and reference implementations, theupdateframework.io. The supply-chain invariants I1–I5 in §16: Layer 2: Distribution & Execution (threshold signatures, freshness/anti-rollback, reproducibility, compromise response, multi-path availability) restate, in protocol-specific form, guarantees TUF established for package repositories; Uptane (Kuppusamy et al., 2016–present) adapts the same framework to automotive update streams.

Laurie, B., Langley, A., & Kasper, E. (2013). Certificate Transparency. RFC 6962, IETF. The append-only, publicly auditable release log of §16: Layer 2: Distribution & Execution is the CT construction applied to software artifacts; witness cosigning in the style of Sigsum (sigsum.org) is the lightweight variant.

Reproducible Builds Project. (2014–). Reproducible Builds: Setting the Record Straight and associated specifications. reproducible-builds.org.

Censorship Measurement (Layer 1 Prior Art)

Open Observatory of Network Interference (OONI). (2012–). OONI Probe and Measurement Methodology. ooni.org. The VerifyReach measurement design (§15: Layer 1: Reachability) — volunteer vantage points, canary requests, geographic/ASN stratification, public aggregation with p50/p95 reporting — follows the measurement methodology OONI has operated at scale for over a decade; the divergence triggers and WC-incentivized vantage pool are the extensions.

Dingledine, R., Mathewson, N., & Syverson, P. (2004). Tor: The Second-Generation Onion Router. Proceedings of USENIX Security ’04. Tor and I2P as first-class transports (§15: Layer 1: Reachability) are prior deployments of the transport-agility and receiver-privacy principles; pluggable transports are the obfuscation layer referenced by “obfs-class shims.”

Sourcing Note

This thesis cites primary documents, academic research, official specifications, and direct industry publications where possible. Where Wikipedia, partisan reports, or secondary journalism is cited, it is as a pointer to primary sources or as evidence of public discourse, not as an authoritative claim. Readers are encouraged to verify claims against the primary sources linked. IMF data has been updated to the April 2026 Fiscal Monitor where relevant.

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